"Uber Freight CEO Warns of Tipping Point in Shipping Recession"
Originally Published 2 years ago — by CNBC
The CEO of Uber Freight, Lior Ron, believes that the shipping recession is reaching a new tipping point due to increasing fuel prices. Carriers are reportedly giving back lanes after bids, indicating their inability to afford certain shipping routes. Shippers are being more selective in their carrier mix, opting for stable and reliable options. The freight industry has been hit hard by bankruptcies and diminished rates, with global shipping container rates dropping by over half compared to last year. Uber Freight is focusing on sustainability measures, using data analytics and AI to eliminate empty miles and streamline freight transit. The company aims to achieve 80% clean transportation across global brokerage shipments by 2040 and is investing in autonomous trucking partnerships to help achieve this goal. Despite the challenges, carriers and shippers are preparing for a holiday season upswing.